Bank of England Money and Credit – November 2024

bank of england interest rate

Overview

These monthly statistics on the amount of, and interest rates on, borrowing and deposits by households and businesses are used by the Bank’s policy committees to understand economic trends and developments in the UK banking system.

Key points:

  • Net borrowing of mortgage debt by individuals fell by £1.0 billion, to £2.5 billion in November.
  • Net mortgage approvals for house purchases fell to 65,700 in November. Similarly, approvals for remortgaging decreased to 31,200.
  • Net consumer credit borrowing by individuals has seen little change at £0.9 billion in November.
  • During November, private non-financial corporations (PNFCs) borrowed, on net, £1.5 billion of finance, compared to £1.8 billion of net repayments in October.
  • The net flow of sterling money (known as M4ex) was -£2.2 billion in November, compared to £17.0 billion in October. The net outflow of M4ex was driven by non-intermediate other financial corporations’ (NIOFCs’) holdings of money, which decreased by £2.2 billion.
  • The net flow of sterling net lending to private sector companies and households (M4Lex) was -£2.1 billion in November, compared to £11.1 billion in the previous month. Within this, NIOFCs account for £5.1 billion of net repayments in November.

 

Lending to and deposits from individuals

Mortgage lending:

Net borrowing of mortgage debt by individuals fell by £1.0 billion to £2.5 billion in November, following an increase in net borrowing of £1.0 billion in October. The annual growth rate for net mortgage lending rose to 1.3% in November from 1.1% in October, continuing the upward trend observed since April 2024. Gross lending increased to £20.7 billion in November, from £20.3 billion in October, and little has changed in gross repayments at £18.0 billion in November.

Net mortgage approvals (that is, approvals net of cancellations) for house purchases, which is an indicator of future borrowing, decreased by 2,400 to 65,700 in November, but remained above their previous 12-month average of 60,400. Likewise, approvals for remortgaging (which only capture remortgaging with a different lender) decreased by 300 to 31,200 in November but remained above their previous 12-month average of 30,000 (Chart 1).

The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages decreased by 11 basis points, to 4.50% in November, the lowest since April 2023. Over the same period, the rate on the outstanding stock of mortgages increased from 3.78% in October to 3.80% in November, a further series high.

Read the full report here

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Breaking News

Newcastle and Edinburgh commuter belts beat London

The latest research from The Property DriveBuy has found that Newcastle and Edinburgh rank as the best commuter belts in Britain, with all surrounding local authorities offering a more affordable average house price than the cities themselves, whilst Liverpool ranks as the worst. The Property DriveBuy analysed current house prices across 12 major British cities,…
Read More
Breaking News

Breaking Property News 16/10/25

Daily bite-sized proptech and property news in partnership with Proptech-X. Tlyfe and Eleos Life partnership brings embedded insurance protection to UK Renters In a first for the UK rental sector, Tlyfe (powered by OpenBrix) has partnered with digital insurer Eleos Life by adding embed life and income protection directly into its tenant app. Instead of…
Read More
Breaking News

Sellers of larger homes make £122.5k average capital gains, crushing the gains from flats

Sellers of detached homes made £122,500 in capital gains when selling their home over the last 18 months while flats yielded an average gain of £27,000 Sellers in England and Wales made an average gain of £72,000, a 38 per cent increase in value from when they bought the property The average seller in London…
Read More
Breaking News

London’s second homeowners face £16,446 CGT bill

London’s second homeowners face £16,446 capital gains tax bill, but prime London sellers escaping unscathed The latest research from Enness Global has found that whilst the London property market remains subdued, the city’s second homeowners could still be hit with significant costs when exiting their investments, with the average seller now facing a capital gains…
Read More
Love or Hate Rightmove
Estate Agent Talk

Rightmove launches new webinar to equip agents with market leading insights and business-boosting strategies

Rightmove, the UK’s largest property platform, is launching a new webinar to equip agents with the latest market intelligence and profit-boosting strategies to accelerate sales and improve conversion rates. The webinar titled, ‘From pitch to profit: Competing on more than just fee’, will take place live on Friday 17th October at 1pm, exclusively for Rightmove…
Read More
Estate Agent Talk

60% of homeowners admit to stress & sleepless nights

Managing your mortgage and mental health as 60% of homeowners admit to stress and sleepless nights The latest insight from award-winning mortgage adviser, Alexander Hall, has shown that for the majority of homeowners, their mortgage is their single largest financial worry, with 60% stating that their mortgage worries have impacted their mental health at one…
Read More